Thailand’s top lender, Bangkok Bank (BBL.BK), said on Tuesday it had lent $50 million through a syndicated loan to Dubai World Group Finance, a subsidiary of Dubai World Corporation. It said the loan represented just 0.10 percent of its total assets.
The bank had loan loss reserves of 63.7 billion baht, equivalent to 112.1 percent of its non-performing loans at the end of September, it told the stock exchange, saying this was “sufficient to cover any potential losses”.
The Bank of Thailand said on Monday that Thai firms had only $140 million in exposure to Dubai. [ID:nBKT003143]
Number three Siam Commercial Bank SCB.BK (SCB) told the stock exchange it had financially supported one hotel and one hotel-and-residence project in Thailand in which a subsidiary of Dubai World was a partner.
via Thai banks say exposure to Dubai small | Industries | Financial Services & Real Estate | Reuters.
